Past IMF Staff Assessments on Offshore Financial Centers (OFCs)
Source details
- Canonical URL
- Past IMF Staff Assessments on Offshore Financial Centers (OFCs)
Other formats
Bibliographic details
- Authors: Jurisdiction Bermuda
Program background and evolution
- The OFC program was inaugurated in 2000.
- On May 30, 2008, the Executive Board of the International Monetary Fund (IMF) agreed to integrate the offshore financial center (OFC) assessment program with the Financial Sector Assessment Program (FSAP).
- Since 2008, the IMF has not used or maintained the list of Offshore Financial Centers.
- Last Update: October 03, 2019
Objectives of the 2008 integration decision
- The integration of the program with the FSAP aims to (i) facilitate a more uniform and risk-based approach to financial sector surveillance and improve coordination of Fund analysis across jurisdictions; (ii) provide for a better allocation of Fund resources, with a specific focus on the small number of OFCs that account for the overwhelming volume of offshore activity and could be expected to pose major financial system risks; and (iii) eliminate the need to maintain a potentially discriminatory list of OFC jurisdictions.
Program outcomes and scope prior to integration
- The OFC program "has helped to strengthen regulation and supervision, and to improve compliance with supervisory standards in offshore jurisdictions."
- The webpage lists OFC assessments prior to the 2008 Board decision to integrate the OFC assessment program with the FSAP.
- The IMF provided a sequence of progress reports, information notes, and Public Information Notices relating to the OFC program, including reports dated July 9, 2008; February 8, 2006; February 25, 2005; March 12, 2004; November 24, 2003; July 31, 2003; March 14, 2003; August 29, 2002; October 2002; August 21, 2001; June 29, 2001; July 26, 2000; June 23, 2000 (multiple items).
Sample IMF staff assessments (jurisdictions and exact dates)
- Bermuda: Assessment of the Supervision and Regulation of the Financial Sector, October 16, 2008
- Samoa: Assessment of Financial Sector Supervision and Regulation including Report on the Observance of Standards and Codes on Banking Supervision, June 29, 2007 (312 k pdf file)
- Samoa: Detailed Assessment of Compliance with the Basel Core Principles for Effective Banking Supervision, June 29, 2007 (488 k pdf file)
- Gibraltar, Overseas Territory of the United Kingdom: Assessment of Financial Sector Supervision and Regulation including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Anti-Money Laundering and Combating the Financing of Terrorism, May 21, 2007 (428 k pdf file)
- Andorra, Principality of: Assessment of Financial Sector Supervision and Regulation, February 16, 2007 (582 k pdf file)
- Panama: Assessment of Financial Sector Supervision and Regulation, including Reports on the Observance of Standards and Codes on the following topics: Banking Supervision, Insurance Supervision, and Securities Regulation, February 15, 2007 (442 k pdf file)
- Cyprus: Detailed Assessments of Observance of Standards and Codes for Banking Supervision, Insurance Supervision, and Securities Regulation, October 23, 2006 (962 k pdf file)
- Cayman Islands: Assessment of the Supervision and Regulation of the Financial Sector--Volume II--Detailed Assessment of Observance of Standards and Codes, March 11, 2005 (1179 k pdf file)
- Bermuda: Assessment of the Supervision and Regulation of the Financial Sector: Volume II--Detailed Assessment of Observance of Standards and Codes, January 30, 2005 (1050 k pdf file)
- Cook Islands: Assessment of the Supervision and Regulation of the Financial Sector, Volume II--Detailed Assessment of Observance of Standards and Codes, October 30, 2004 (876 k pdf file)
- Seychelles: Assessment of the Supervision and Regulation of the Financial Sector--Review of Financial Sector Regulation and Supervision, October 30, 2004 (300 k pdf file)
- Netherlands Antilles, Kingdom of the Netherlands: Assessment of the Supervision and Regulation of the Financial Sector Volume II-- Detailed Assessment of Observance of Standards and Codes, August 26, 2004 (981 k pdf file)
- Liechtenstein: Assessment of the Supervision and Regulation of the Financial Sector Volume II--Detailed Assessment of Observance of Standards and Codes, August 01, 2003 (980 k pdf file)
- Guernsey, Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume II--Detailed Assessment of Observance of Standards and Codes, October 30, 2003 (1380 k pdf file)
- Jersey, Crown Dependency of the United Kingdom: Assessment of the Supervision and Regulation of the Financial Sector Volume II--Detailed Assessment of Observance of Standards and Codes, October 30, 2003 (1396 k pdf file)
- Aruba, Kingdom of the Netherlands: Offshore Financial Center Assessment, June 30, 2002 (6177 k pdf file)
Related standards and coordination efforts noted
- Standards and Codes and Offshore Banking and Financial Centers are referenced as related frameworks.
- Specific IMF outputs connected to the OFC program include: "Offshore Financial Centers -- The Assessment Program — A Progress Report", "Offshore Financial Centers The Assessment Program—An Update", "Offshore Financial Centers: The Assessment Program - A Progress Report and the Future of the Program", and various Public Information Notices and progress reports spanning 2000–2008.
Content in this bundle
- Offshore Financial Centers -- The Assessment Program — A Progress Report February 8, 2006
- Status of IMF Second-Phase Offshore Financial Center Assessments
- 050808a
- Offshore Financial Center Assessment (PDF)
- 073001a
- Cyprus -- Assessment of the Offshore Financial Sector
- Assessment of the Regulation and Supervision of the Financial Sector
- Gibraltar -- Assessment of the Regulation and Supervision of Financial Services
- Cr03253
- Detailed Assessment with Compliance with the Basel Core Principles—Domestic Banks
- Offshore Financial Centers Assessment Report for the Principality of Monaco
- The detailed assessments in this volume of the Offshore Financial Center Assessment of Monaco
- Cr03289
- Detailed Assessment of Compliance of the Basel Core Principles
- IMF Module 2 assessment of the Bailiwick of Guernsey — Executive Summary
- Detailed Assessment of Compliance with International Standards
- cr03366 - Preface
- Cr03367
- IMF assessment of Jersey
- Detailed Assessment of Jersey’s Financial Supervision
- Anguilla -- Review of Financial Sector Regulation and Supervision, October 2003
- Assessment of the Supervision and Regulation of the Financial Sector
- Cr04169
- Part 1: Assessing the AML/CFT in the legal and institutional framework
- Assessment of the Supervision and Regulation of the Financial Sector
- cr04271 — IMF Module II offshore financial center assessment of the Netherlands Antilles
- Cr04272
- cr04373 - Preface
- Cr04381
- Cr04391
- Offshore Financial Center Assessment Report for the Cook Islands — Preface and Key Findings
- Detailed Assessment of Compliance of the Basel Core Principles
- Cr0492
- 1. Banking System
- cr0524 - Preface
- cr0591 - Preface
- Cr0592
- Offshore Financial Centers Assessment Report for Bermuda
- Detailed Assessment of Compliance of the Basel Core Principles
- Cr06347
- Cr06376
- Executive Summary
- Detailed Assessment Report of Observance of the Basel Core Principles
- Detailed Assessment Report of Observance of the Insurance Core Principles
- Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
- Cr07221
- Detailed Assessment of Compliance with the Basel Core Principles
- Cr0766
- Cr0767
- Appendix II — Report on the Observance of Standards and Codes
- Assessment of the Supervision and Regulation of the Financial Sector
References